Allianz Life Inurance has launched EduFlex Plan , a savings plan which provides financial security by helping you meet education goals for your children while you are living.
The Chief Executive Officer of Allianz Life Insurance Mr. Gideon Ataraire speaking at the launch said this education savings plan is intended to accumulate funds for the sole purpose of funding the education of your children.
He said the insured and the beneficiary(ies) enjoy life insurance protection during the term of the policy and an additional accidental injury cover for the beneficiaries.
He noted twice the sum assured will be paid in the event that the policy holder dies through a vehicular accident, before the policy matures.
He said upon becoming temporarily disabled, Allianz Life will pay the insurance premiums to run your cover for six (6) months. This does not include the
premium that goes into savings and upon becoming permanently disabled, Allianz Life will pay 100% of the death Sum assured plus the accumulated fund value.
He said an accidental injury benefit to the named child (ren) up to a value of GHS1,000 will be paid and the benefit expires once the GHS1000 is
exhausted.
Mr. Gideon Ataraire said you qualify for a 15% of your total insurance premium contribution after 2 years if no claim and you are eligible to make partial withdrawal once in a calendar year, after two (2) years of policy inception with the maximum withdrawal amount being 50% of the accumulated fund value.
He said the minimum and maximum ages at entry are 18 and 55 last birthday respectively and the minimum and maximum ages for children at entry are 1year and 25years last birthday respectively.
Maximum number of beneficiary children
allowed is four (4). Until the four slots are
exhausted the policy holder can introduce onto the policy additional beneficiary child(ren) after start of the policy, subject to a three (3) waiting period.
The minimum term is 5 years and the maximum term is 20 years.
There shall be a waiting period of (6) months applicable. However, if accidental death occurs within the first three months, benefits will be paid.
The minimum and maximum sum assured are GHS3,000.00 and GHS500,000 respectively.
The policyholder chooses the monthly premium which ranges from a minimum of GHS50.00 to a maximum of GHS5,000.00.
Premium payment can be made monthly,
quarterly, bi-annually or annually.
Source: Peacefmonline.com
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